nash031
Thinks s/he gets paid by the post
We freed up about $250K in equity in our prior home when we moved. We considered rolling all $470K of equity into our new home to reduce our debt burden, but once I ran the numbers, that made little sense to me. Instead, $250K of that went into investments, the rest to the downpayment on our current home.And some of us feel like we've conquered the world by freeing up that dead house money, investing it, and making huge sums of money. We have no idea which camp the OP , or anyone else reading, would be in.
With a 30-yr fixed rate, I'm letting that bad boy ride until it's done or I have more money than I know what to do with. I can't justify paying the mortgage off in today's dollars.
It's a tug of war: the bank has a steady team of little guys pulling one direction, and me? Well, I normally have a bunch of linebackers working on my side, but they take a lot of water breaks... but every so often one of them ties the line up to the back of his pickup truck, takes a pull and eventually the bank kids end up all muddy.
I'm 42... I don't get the need to feel debt-free at 43/44 with a long investing horizon ahead of you. I understand the emotion behind it, but from a financial standpoint it doesn't make sense.